TheCable

The management of Folio Communications Limited says the takeover of Daily Times of Nigeria (DTN) by the Asset Management Company of Nigeria (AMCON) will not affect the publication.

Folio Communications Limited, owned by Fidelis Anosike and Noel Anosike, had acquired DTN in 2004 from the Bureau for Public Enterprises (BPE).

AMCON, however, took over assets of DTN on February 13, citing series of court cases involving the company since as reason.

In a statement on Tuesday, Bonaventure Melah, spokesman of Folio Communications, said the company has accepted the takeover.

“As law abiding citizens operating a responsible corporate entity, we believe that the takeover of DTN by AMCON will help to save Nigeria’s Heritage newspaper and stop the dissipation of its assets by some property scavengers in their track,” the statement read.

“Although we have faced series of litigations and other forms of distractions these past years, we have been able to resuscitate and transform DTN from a moribund entity whose equipment were completely obsolete and unserviceable when we took over, to a thriving firm that is now a much sought after bride in the media industry.”

Melah said upon acquisition of DTN, its operation was unbundled into entertainment/lifestyle, publications and assets management.

“While Assets and Liabilities remained in the tradename of DTN as a going concern with clear mandate to manage assets and liabilities, publications and lifestyle/entertainment were moved under direct management of Folio Communications Limited without encumbrances,” he added.

He also said for the past five years, the newspaper has been “consistently” published despite the various court cases, and that “DTN will continue to be on your newsstand everyday enriched with quality news content.

“This is even as we pledge to give maximum support to the DTN receiver/manager throughout the period of this assignment.”